Enersol Secures 95% Stake in Deep Well Services for $223 Million
Deal News | Nov 04, 2024 | Zawya
Enersol, a joint venture formed by UAE's ADNOC Drilling and Alpha Dhabi for the purpose of strategic acquisitions, has announced its agreement to acquire a 95% equity stake in the US-based Deep Well Services (DWS). The transaction is valued at approximately $223 million and will be conducted on a cash-free, debt-free basis, excluding transaction fees and expenses. This acquisition marks a significant step in expanding Enersol’s influence in the energy sector, leveraging DWS’s advanced technologies and services. The transaction is pending regulatory approvals.
Sectors
- Energy
- Oil and Gas Services
Geography
- United States – Location of Deep Well Services, the target company for acquisition.
- United Arab Emirates – Home country of Acquirers, ADNOC Drilling and Alpha Dhabi, involved in the joint venture.
Industry
- Energy – The primary sector involved, as the acquisition targets a company specializing in advanced energy technologies and services.
- Oil and Gas Services – This relates to the operations of Deep Well Services and the business interests of ADNOC Drilling.
Financials
- $223 million – The approximate value for the 95% stake acquisition of Deep Well Services by Enersol.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Enersol | Bidding Company | Company | A joint venture between ADNOC Drilling and Alpha Dhabi, intended to pursue acquisitions. |
| ADNOC Drilling | Parent Company of Bidding Company | Company | A leading drilling company in the UAE and part of the joint venture Enersol. |
| Alpha Dhabi | Parent Company of Bidding Company | Company | A prominent investment holding company in the UAE, co-member of the joint venture Enersol. |
| Deep Well Services (DWS) | Target Company | Company | A US-based company specializing in advanced energy technologies and services. |